Okay, answering all these questions at once.

I have the computer, but not the original install CD.

I extracted the CD Key from the bad drive, but it turns out that it's IBM's non-unique preactivation key, which won't activate with the activation tool.

There is not a Windows sticker on the computer. Don't know why.

It wasn't until immediately before I initially posted that I realized that it was an OEM key. I could have sworn that OEM keys contained the string "OEM" in them.

I have a random variety of XP install CDs, specifically a retail CD, a volume license CD, and a couple of OEM CDs. The only IBM OEM CD I have, which I haven't had an opportunity to try yet, is about five years more recent than the computer. I don't have high hopes. I may try to recreate an install CD with an appropriate product ID. Don't have high hopes for that, either.

The "five years more recent" line above might indicate why I'm uninterested in installing Windows Se7en.